Strong revenue growth underpins improved profitability as Tangerine records 27% growth in Insurance revenues following implementation of IFRS 17

Tangerine Life Insurance Limited (“Tangerine Life”), supported by leading West-African private equity firm Verod Capital Management Limited (“Verod”), today announced its acquisition of a majority stake in ARM Life Insurance Plc (“ARM Life”). The acquisition, which is effective from Friday, February 28th, 2020 propels Tangerine Life to 4th place in Nigeria's life insurance industry.

Tangerine Life (formerly Metropolitan Life Insurance Nigeria Limited) is a cutting edge provider of digital financial services including insurance services, where it historically focused on corporates through its group life offering. ARM Life is a leading provider of life insurance services in Nigeria, with strong focus on retail and annuity products. Given their complementary strengths, the acquisition provides Tangerine Life with a solid presence across end users and a broad product portfolio, creating a strong foundation for future expansion.

Speaking on the acquisition, Livingstone Magorimbo, Managing Director of Tangerine Life said, “The landscape of the insurance industry is evolving very quickly. At Tangerine Life, we have made a decision to ensure that we are always at the forefront of innovation within the industry. As part of that innovation strategy, we have found collaboration to be a key instrument in ensuring that we build and maintain a sturdy, profitable business”. He added that “the acquisition will provide a perfect springboard for Tangerine Life to utilize the distinct strengths that ARM Life brings to bare, thereby strengthening the insurance services provided by Tangerine Life to create and deliver better value.”

“Innovation is paramount in ensuring customer satisfaction in today's business landscape and we are keen to ensure that our customers receive the best at all touchpoints. We believe that this acquisition will ensure exceptional value creation for our customers and partners alike” said, Stephen Alangbo, Managing Director of ARM Life Plc.

“This acquisition is in line with our broader strategy towards capturing the opportunities we see within the sector”, said Eric Idiahi, partner at Verod Capital. He continued, “The acquisition not only creates a stronger player, but provides a superior platform for sustained growth given strong synergies within the two businesses. The greater story about Tangerine will be about innovation, transformation, technology - all of which will be applied towards a superior customer experience, acquiring ARM Life is one piece of the puzzle towards actualizing our vision for Tangerine Life.”